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CSPAN
Feb 14, 2010 10:00am EST
ben bernanke. we have tim geithner, and we had sheila bair, the head of the fdic. and i know a lot people in finance. i know a lot of people in business. i know a lot of people in government. and i can't think of four that would have done a better job of getting us through that. now it's kind of fashionable now to look back and pick out one little aspect or another of what was happening then, but our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008 when the talk was, are our money market funds safe? now, when you have 3.5 or more trillion of funds held by 30 million people, who on a sunday night are worrying about whether they can get their money, that money was half of all the deposits held by u.s. banks at the time. you have a panic. you had commercial paper freeze up entirely, and you had some of the biggest companies in the united states, and some of them are described in this book, to worry about whether they're going to meet their payrolls in a short bit of time. you had the sixth largest bank in th
CSPAN
Feb 18, 2010 2:00am EST
-- deficits. people like alan greenspan and ben bernanke gave us the largest downturn since the great depression. that is why we have a huge budget deficit. we didn't have a huge tax cuts. we had stimulus and response to the downturn. we have higher unemployment if we have not had that but let's be clear if we are upset about the deficit greenspan and bernanke, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicare. they are anti-government but t
CSPAN
Feb 17, 2010 6:00am EST
room we were fortunate as a country to have in place. we had hank, ben bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washingt
CSPAN
Feb 17, 2010 8:00pm EST
budget deficit, we have big budget-- deficits. people like alan greenspan and ben bernanke gave us the largest downturn since the great depression. that is why we have a huge budget deficit. we didn't have a huge tax cuts. we had stimulus and response to the downturn. we have higher unemployment if we have not had that but let's be clear if we are upset about the deficit greenspan and bernanke, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicar
CSPAN
Feb 26, 2010 5:00pm EST
. chairman. appreciate getting my time. thank you, chairman bernanke, for being here. i do share one concern that senator vitter mentioned about the deficit. gosh, i wish we would have supported senator gregg's proposal when we had a chance, i think it was still the best, perhaps last-best proposal to actually force this congress to take an up or down vote on a plan that would put us back into fiscal sanity. i'm going to come back on the question of financial regulation. .. >> one of the comments you made and we are now 18 months after the crisis and you've said you have looked at the fed within supervision of the bank holding companies stronger capital, stronger risk supervision. you know, we've had a lot of discussion over the last 18 months about size. we've talked a bit earlier, senator raise questions about the volcker rule. i share some of your concerns about how you draw those lines. chairman dodd raise the question about using some of the intimate out there in terms of derivatives. can you tell us a little bit in his last 18 months with this increased focus on the largest sop
CSPAN
Feb 16, 2010 11:00pm EST
people in the operating room we were very fortunate as a country to have in place, hank, ben bernanke kumbaya tim geithner and sheila bair the head of the fdic. i know a lot of people and finance and business and government. i cannot think of for that would have done a better job. but to look back of our country's financial system throes of during that period. some of you were in a party i was that in 2008 when the talk, when you have 3.5 four more trillion held by 30 million people on a sunday night are worried about whether they can get their money, that money was half of all deposits held in the banks at that time. you have a panic. you have commercial paper frees up entirely and some of the biggest companies described in the book worried if they would be payable in a short period of time. the sixth largest bank in the country with the maastricht staged domestic deposits and the third largest bank, wachovia, i needed a shotgun marriage on a monday morning and it just arrived this. interestingly the bookstores early september when fannie mae and freddie mac worry essentially bart --
CSPAN
Feb 10, 2010 8:00pm EST
. paulson, mr. bernanke we forced their stearns shareholders from a position that i think was a high of $170 a share in january. we force them down to $2 a share because the american taxpayer money was in the bailout. and that was something that was supported by the fed, by treasury because we felt that because the taxpayer was bailing them out, that the shareholders of bear stearns should not be held harmless. now, you have a different situation here, slightly different. a number of weeks later, where we have aig going under, and these are credit default swaps so the money going into aig is going right out to the counterparties. this is a pass through and the folks on the other side are goldman sachs. that is the principle beneficiary of all this. and we don't negotiate in nickel, not a sense of what they are getting. you are in the same position. you are supposed to be negotiating on behalf of the american people. you were saying the regulations were different. let me tell you something we were changing the rules and regulations every single day. we were taking action under extraor
CSPAN
Feb 25, 2010 12:00pm EST
in, for more work on the travel bill, some news today. federal reserve chairman ben bernanke told the senate banking committee today and his second day of testimony on capitol hill this week that interest rates will have to stay low for a lengthy period to counter a weak job market. the u.s. central bank chief prepared remarks were virtually identical to those delivered yesterday to the house financial services committee. and cheaper nike also told lawmakers that goldman sachs and other wall street firms may be looking into a sophisticated instrument investment instrument to make bets that greece will default on its debts. also about the healthcare summit which you can see live on c-span3 and c-span.org, a story from yahoo news saying that a consensus on how to rein in spiraling healthcare costs seem to be emerging as president obama some that the president agreed with assertions by oklahoma republican senator tom coburn that abuse them out account up to a third of the cost of a time of programs like medicare and medicaid. and is a major barrier to worldwide insurance coverage. senato
CSPAN
Feb 4, 2010 9:00am EST
minutes of their meetings. mr. bernanke does testify regularly on capitol hill, explaining what he is doing. and why he is affecting monetary policy the way he is. some have suggested such as milton friedman once, that we could replace the federal reserve with a computer that would determine money supply and interest rates by a basic formula. perhaps that would be better than the usual way we have done in the past. i think the federal reserve policy, you know, can be subject to certain criticism. i'm not sure how it would work to eliminate the federal reserve, but i think there is legitimate disagreement on the way that they've had with the recession. and i think that disagreement is there. las. . 650 employees at the spa at the cost of $100,000 for three days for each employee. was a cost comparison done to justify such a cost? how was that chosen at the venue? what happened there? >> in that particular case there was a cost comparison and there were quotes from several vendors. one the challenges is finding a venue for that many people. it is the high cost. it is the annual training
CSPAN
Feb 2, 2010 11:00pm EST
that the time including president bush and secretary paulson and chairman bernanke, our judgment was those pressures esau actor lehman postal woodfin judgmatically amplified it's aig failed than they would spread to parts of the system that would otherwise been unaffected including basic confidence in the insurance system. >> let me get to the point. why is it the derivatives business, lending at the insurance companies, the commercial paper, the aircraft leasing business or something else? >> it is in some ways, again it is hard to separate. what is systemic risk, a difficult thing to judge. >> we are all finding that out of here. >> but that is the reality of it. but again i think the simplest way to they this is look at what happened after lehman brothers and the broader collapse of many of our large institutions. the value of the american savings fell by 40%. you saw hundreds of thousands of businesses forced to close, millions of people lost work. basic confidence in the stability of our system was broken. the rivets for coming of the submarine and in that environment to have th
CSPAN
Feb 25, 2010 11:00pm EST
followed by federal reserve chairman ben bernanke's testimony before the senate banking committee. >> i come from latin america. i am never expecting to find this kind of poverty. >> photographer and documentary filmmaker on a different side of the nation's capital in the shadow of power, sunday on c-span's q. and a. >> homeland security secretary janet napolitano testified before a house in a about her agency's budget request for the next fiscal year. she answered questions about the consolidation of some of the department's programs and denied reports that the board of security staff has been cut. this is three hours. >> the committee on homeland security will come to order. the committee's meeting today to receive testimony from secretary janet napolitano on the presidents fy2011 budget request for the department of homeland security. i want to thanks secretary napolitano for being flexible about testifying in support of the president's fiscal year 2011 budget request for the department of homeland security after back-to-back blizzards forced us to postpone this hearing. on february
CSPAN
Feb 10, 2010 11:00pm EST
chair ben bernanke but then the next highest number of calls and that burger you need 103 -- to emineth named dan jester -- thank you, mr. chairman. may i ask what firm that he worked for -- >> he worked for goldman sachs. >> i will have additional questions with regard to you phoned and we will place that in the record. >> can i just say one thing in response to this? it's very important, congress and you were suggesting the people involved in this were not acting in the public interest and you were suggesting they were working for the private interest now the public interest and that is not true and i believe none of those individuals would be part of a decision like that and i think these people were people of enormous integrity and experience operating under exceptional circumstances with no precedent doing the best they could for what was in the public interest -- >> i must move, i must move. the gentleman from florida secretary geithner, win did aig if you could give the date when did aig call and say we need money? >> we can to treasury and the fed formerly a thing on that friday
CSPAN
Feb 10, 2010 12:00pm EST
bernanke is outlining the central bank's plan for reeling in stimulus money once the economic recovery is more firmly rooted. the a p rights in prepared remarks to the house committee mr. burning pieces the fed will start tightening credit by boosting the interest rate it pays banks at the central bank. to an in to booktv for a three day president's day weekend beginning saturday. others inform treasury secretary henry paulson talking with warren buffett on the 2008 economic collapse. afterwards, historian and pulitzer prize winner gary wills on how the atomic bomb change the presidency and the role of the u.s. in the world. all day monday, books on american presidents. fdr, as seen on president obama and our culture on ronald reagan. for the complete schedule go to booktv.org. . it is a little under two hours. >> meeting come to order. mahatghghandi, every worthwhile accomplishment has stages drudgery and triumph. in beginning struggle and victory. the effort to add comprehensive health care reform has certainly seen its struggle and even its of drudgery. as we look back at progress we'v
CSPAN
Feb 16, 2010 8:00pm EST
bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washington mutual failed over a weekend. you had the third largest bank, wachovia that
CSPAN
Feb 13, 2010 9:00pm EST
, ben bernanke, tim geithner and sheila bair at head of the fdic. i know a lot of people in finance and business and government. i cannot think of four people who would have done a better job to get us through that. it is fashionable to look back and look at one little aspect of what was happening our country's financial system froze up during that period. some of you were at a party i was at september 2008 when the talk of what are the money market funds save? when you have 3.5 trillion of funds held by 30 million people who on a sunday night worry about whether they can get their money, that was half of all deposits. you have a panic. you have commercial paper frees up entirely and some of the biggest companies in the united states that are described, worried if they would be payrolls in a short period of time. the six largest bank in the country with domestic deposits washington mutual and the third largest bank, wachovia, needed of shock on a monday morning to survive. most interesting, but this book starts and early september when freddie mac and fannie mae essentially were bro
CSPAN
Feb 12, 2010 6:00am EST
, including president bush, secretaryw3 paulson, chairman bernanke along with me. our judgment was those problems would have been dramatically amplified if aig had failed and they would spread to parts of the system that would have otherwise been unaffected, including basic confidence in the insurance industry. >> or is it to the derivative business? securities lending and insurance companies? the commercial paper? the aircraft leasing business? or something else? >> it is hard to separate. what is systemic risk is a difficult thing to judge. >> we are all finding that out. >> that is the reality of it. i think the simplest way to say it is look at what happened >> but that's the reality of it. again, i think the simplest way to say it is look at what happened after lehman brothers and the broader collapse of many of our larger institutions look what happened in that. savings vel fell by 40%. you saw hundreds of thousands of businesses forced to closed, millions of people lost their work. basic confidence in the stability of our system was broken. you had the -- the rivets were com
CSPAN
Feb 26, 2010 12:00pm EST
estate? i guess that you were all looking and listening to chairman bernanke when he talked about the next wave of defaults in the real estate area. >> yes. chair come well last questions, thank you very much -- develop last request questions. new loan fund than they did under the t.a.r.p. capital programs. one very important difference is that tarp was intended to provide capital for banks to assure their viability under conditions. this is powerful program designed to get banks to lend because as you know the dividend rate on this new capital can drop dramatically if and only if banks lend beyond where they are lending today. couple other points. the small banks we're talking about, have done a pretty good job of maintaining lending balances during this very difficult recession. we think many of them are eager to lend, and by providing them with more capital, in this case capital that could increase their tier 1 capital by 30 to 50% they should be more confident about able to support existing assets and increase their lending at the same time. >> it just brings me back memories when
CSPAN
Feb 7, 2010 8:00pm EST
work to be done. but when we get it i want us to keep it and not lose it again. >> my name is bernanke. i almost feel that i asked for the microphone too soon begin issue answered the biggest concern that i have to rethink what happened in massachusetts needs to register with the republicans because they did not win this. the independents won it. i am from massachusetts originally and i know what drives that state and certainly is not republican policies. [laughter] i think it was a wonderful thing that happened and you put your finger on something come with the people in this country have said they're not happy with the democrats or republicans and if the republicans behave like the past the recent election means nothing prepare reading the "wall street journal" a few days ago there was an article that talked-about how the american people were disgusted with politics and the message i got out of that article said the republican party has an opportunity to rally around a central theme of term limits to get those people with professional politicians not interested in what happens to us
CSPAN
Feb 6, 2010 9:00pm EST
to come back into a government position and i know ben bernanke and hank paulson are well-known for this. could you talk a little bit about that in any ideas on how that could be stopped through laws or voter action or anything? >> i'm glad you reminded me about the revolving door. i see this happening. i see my friends do this. they dress like me when they are working on capitol hill and i see them two years later and they have really nice suits with a french cuff and offer to buy lunch. the left the capitol to up working for congress and a lobbying firm hired them because they knew that when the friend then calls his old underling on capitol hill to say hey i just want to talk to you about the farm bill, that his old boss or his old bosses colleagues are going to take the call and that is the revolving door. barack obama's said literally, i'm going to stop the revolving door. is white house chief of staff, rahm emanuel-- there is not, as the word for rahm emanuel because welby was working on the campaign is a chief fund-raiser he was getting paid by goldman sachs as a consultant a
CSPAN
Feb 14, 2010 5:00pm EST
tough. i knew when we went as seeing in the book we talk about where bin bernanke and i told congress we're going to need these authorities, and the difficulty we had at that time was as more and said better than i could. the arteries of the financial system were freezing up, and so i knew with certainty that business was going to turn down because when you have companies it is uncertain whether they will appeal to raise short-term funding. most of the cfo's are going to go to the ceo and say i may not be able to have all of the funding he would like for the next 30 days so what does a prudent company do? they start cutting back but the congress had an seen this yet so they hadn't seen it in their district so i knew with certainty it was going to get worse. i'm not sure i knew it was calling to be 10% on an employment but i knew we was going to be bad. so then, and i knew if they didn't do something in the collapsed, then the businesses wouldn't be able to find themselves, wouldn't be able to pay for the inventories and pay the supply years and would let employees the and the would ri
CSPAN
Feb 18, 2010 6:00am EST
that of course is going to burst and that is what i get so mad at people like ben bernanke. most economists, god knows what on earth was going through their heads as they watch the bubble keep grow and grow and grow and said everything was okay. now they are surprised fukuda agnone? that is a joke we have around washington. anyone who is doing their job should have known. >> host: amity shlaes anything there you want to address? >> guest: i think it is important to think about the interplay between the war in domestic policy because it is true the government can think about two things at once. it cannot walk and chew gum at the same time and when you have a distraction, whether you believe it is something we should invest then, afghanistan, iraq, the government does not think well about what is going on at home so if you called on our various leaders that the fed or at the white house over time under, in this period under president bush,'s september 11 you would say are you concerned about fannie mae? they would say absolutely, here's the data and they are going out of control, f
CSPAN
Feb 17, 2010 11:00pm EST
going to burst, and this is why i get mad at people like alan greenspan and ben bernanke and most economists because god knows what on earth was going through their heads in the year 2003 to those of four cardinals five, 2006, to dozens of as the bubble could growing and growing and the savitt is okay and now they are surprised who could have known that is the joke we have or not washington they run around saying who could have known? anyone doing their job should have known. >> host: amity shlaes, anything you want to address? >> guest: i think it's important of the interplay and the war and domestic policy because when you have -- it's true the government can't think about two things at once. it can't walk and chew gum at the same time and when you have a distraction whether you believe it's something we should invest in, afghanistan, iraq or not the government doesn't think well what is going on at home so if he would have called on our various leaders at the fed or the white house over time under -- in this purpose it would be under president bush postsecondary 11th he would s
CSPAN
Feb 11, 2010 6:00am EST
only say that, ay that, as you know,n bernanke and tim geithner are saying in the interest of the united states. the other major currencies. i say myself i fully agree it is in the interest of the united states. i would also say that it corresponds to the overall superior interests of the group the so what this say. i would also said that as a major floating currencies we have members of other currencies that could themselves have a progressive and orderly and timely appreciation. that is the way i see the running of the present situation. we could imagine other solutions, of course. they said to have a floating major currencies. >> other questions? yes, sir. in the front row. >> every country has its own problems and its own solutions. how do you see? what would be the challenge is to iraq ? thank you. >> peter. >> well, it is a good point. i wish i was more confident that it would succeed. it is very important to succeed. it is very important we continue to progress, but i am not expecting is to suddenly become easy. even the process of trying to make it happen is difficult beca
CSPAN
Feb 12, 2010 8:00pm EST
benefits expire isn't going to garner bipartisan support. extending -- bernanke jobs version when the president was asked about when he was here asked about mitch mcconnell talking about how they can support, republicans can support nuclear energy and the president's response was, i'm paraphrasing but of course they like those are republican ideas offering in the name of bipartisanship and what's going on here is the reverse, harry reid taking out the one democratic idea. >> do you think helping small businesses grow by allowing them to write off their expenditures is going to -- something that is a democratic idea? you think that the highway trust fund extension is a uniquely space space idea? if you were to break the components of that bill individually each of those would donner strong bipartisan support. so,, i think we are in some ways over reading some of this because again, i think personally i believe that the components of this bill, several components that were in the bipartisan bill but are not in the reid bill will still be bipartisan. i think -- i don't think any of the i
CSPAN
Feb 5, 2010 9:00am EST
bernanke of the federal reserve, ben own proprietary trading for commercial banks may not be constructive. dr. summers, chief economic advisor in the current administration in the past has been a vocal proponent removing glass-steagall restraints. is there something in this obama administration and among the regulators concerning the volcker rule and restricting size and if so, what process -- what was expressed there? >> thank you, senator shelby. that's obviously a very important question. the proposals that the president articulated with respect to size and scope two weeks ago were ones that were based on a consensus recommendation of all of his economic team. so -- and i think you've heard secretary geithner and director summers speak to that quite directly. i think with respect to the regulators they are, of course, independent and i feel slightly less comfortable expressing their views. but i do think that in the main they are also supportive of this and we will work with them and obviously with this committee to try to move these ideas forward as an important part we t
Search Results 0 to 25 of about 26 (some duplicates have been removed)